Are You Fully Compliant With The Tenancy Deposit Regulations?
You should all be aware back in April 2007 it became a requirement to protect any tenancy deposit in a recognised tenancy deposit scheme.
However many Landlords are unaware that there are two steps to the process. The first is to protect the deposit and the second is to give the tenant the Prescribed Information. Many landlords and agents are protecting the deposit but are failing to provide the tenant with the Prescribed Information Document.
The Prescribed Information is a document that gives the tenant the details of where the deposit is registered, the procedures for the scheme and how to get the deposit at the end of the tenancy. This must be given to the tenant within 30 days of receipt of the deposit. The certificate from the Deposit scheme showing that the deposit has been protected is not sufficient.
Failure in giving the Prescribed Information to your tenant carries the same penalties as not protecting the deposit – those being that your tenant can apply to the courts and get compensation of up to three times the amount of the deposit they paid and you will also not be allowed to serve a section 21 notice.
If you would like to discuss your property requirements please contact your nearest office:
Alnwick, Northumberland – 01665 603581
Wolsingham, County Durham – 01388 529579
Barnard Castle, County Durham – 01833 690390
Bedale, North Yorkshire – 01677 425301
Shiptonthorpe, East Yorkshire – 01430 876010
Property Development: are housing targets financially viable?
It’s no secret that the UK is in the midst of a Housing Crisis, and there are many reasons... Read More